MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	PREM DYECHEM INDUSTRIES PRIVATE LIMITED
Registered Office :	306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.04.1995
Com. Reg. No.:	11-087111
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U51496MH1995PTC087111
TAN No.: [Tax Deduction & Collection Account No.]	MUMP08536D
Legal Form :	Private limited liability company
Line of Business :	Manufacturer, Exporter and Importer of Acid Dyes, Reactive Dyes and
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 180000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/Factory :	306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (East), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-66989381 / 42504444
Fax No.:	91-22-66366699
E-Mail :	premdye@vsnl.com info@premdye.com
Website :	www.premdye.com
Area :	4500 sq. ft.
Location :	Owned
Unit 1 :	17/31, MIDC, Taloja, District-Raigad, Maharashtra, India
Unit 2 :	17/30, MIDC, Taloja, District-Raigad, Maharashtra, India
Unit 3 :	C-1, 702/3, G.I.D.C, 40, Shed Area, Vapi, Gujarat, India
Unit 4 :	C-1, 702/4, G.I.D.C, 40, Shed Area, Vapi, Gujarat, India

DIRECTORS

As on 26.09.2012

Name :	Mr. Premchand Radhakishan Choudhary
Designation :	Director
Address :	9, Abhishek Bunglow, N Dutta Marg, Four Bunglow Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	14.07.1944
Date of Appointment :	03.04.1995
DIN No.:	00211994
Name :	Mr. Balkishan Radhakishan Choudhary
Designation :	Director
Address :	302, Jeevan Anand, Sab TV Lane, Link Road, Andheri (W), Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	15.10.1949
Date of Appointment :	03.04.1995
DIN No.:	00213490
Name :	Mr. Sushilkumar Choudhary
Designation :	Director
Address :	301, Jeevan Anand CHS, Sab TV Lane, Link Road, Andheri (W), Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	26.09.1968
Date of Appointment :	03.04.1995
DIN No.:	01436325
Name :	Mr. Punamchand Radhakishan Choudhary
Designation :	Director
Address :	301, Jeevan Anand, Sab TV Lane, Link Road, Andheri (W), Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	25.05.1947
Date of Appointment :	03.04.1995
DIN No.:	00213241

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2012

Names of Shareholders		No. of Shares
Premchand Radhakrishnan Choudhary		20004
Sushil Kumar Punamchand Choudhary		20010
Premchand Choudhary (HUF) Rep by Karta		80000
Radhakrishnan Choudhary (HUF) Rep by Karta		79998
Balkishan Radhakishan Choudhary		2
Bimladevi Premchand Choudhary		2
Sushiladevi Punamchand Choudhary		2
Meeradevi Balkishan Choudhary		2
	Total	200020

As on 26.09.2012

Equity Shares Breakup (Percentage of Total Equity):

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, exporter and importer of acid dyes, reactive dyes and direct dyes.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank, Gulabi House, Kazi Sayeed Street, Mandvi Branch, Mumbai 400 003, India

• Tamilnad Mercantile Bank, Andheri (East) Branch

Facilities :

Secured Loans :	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
HDFC Bank (Secured against hypothecation of Motor Car Toyota Innova)	0.310	0.654
Axis Bank Loan A/C (Secured against hypothecation of Motor Car Maruti Ritz-612)	0.059	0.189
Axis Bank Loan A/C (Secured against hypothecation of Motor Car Huyndai I10 (magna))	0.056	0.180
Axis Bank Loan A/C (Secured against hypothecation of Motor Car Volkswagen Vento (MH 06 N 612))	0.367	0.552
Bill Discounting with IOB	3.480	3.746
Total	4.272	5.321

Banking Relations :
Auditors :
Name :	Gandhi and Shrimankar Chartered Accountants
Address :	Sadhana , Ground Floor, 116, Bapubhai Vashi Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Associates/Subsidiaries :	Micro Call Techno Private Limited, Address - Andheri (W), Mumbai, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- Each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200020	Equity Shares	Rs.10/- Each	Rs.2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		42.232	34.575	27.774
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.232	36.575	29.774
LOAN FUNDS
1] Secured Loans		4.272	5.321	1.570
2] Unsecured Loans		5.945	7.774	3.361
TOTAL BORROWING		10.217	13.095	4.931
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		54.449	49.670	34.705
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.868	6.043	5.071
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.138	0.126	0.000
DEFERREX TAX ASSETS		0.225	0.174	0.164
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.724	24.811	21.970
	Sundry Debtors	56.705	54.780	31.950
	Cash & Bank Balances	1.722	4.669	3.089
	Other Current Assets	1.656	1.661	0.000
	Loans & Advances	32.183	26.013	16.782
Total Current Assets		112.990	111.934	73.791
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.114	38.991	34.985
	Other Current Liabilities	27.411	19.565	0.000
	Provisions	14.247	10.051	9.336
Total Current Liabilities		64.772	68.607	44.321
Net Current Assets		48.218	43.327	29.470
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		54.449	49.670	34.705

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales, Service Charges and Other Income	160.403	159.343	102.015
		TOTAL	160.403	159.343	102.015
Less	EXPENSES
		Office Expenses	147.255	1473.455	94.122
		Administrative Expenses
		Advertising Expenses
		TOTAL	147.255	147.455	94.122
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.148	11.888	7.893
Less/ Add	DEPRECIATION/ AMORTISATION		1.347	1.128	0.681
	PROFIT BEFORE TAX		11.801	10.760	7.212
Less	TAX		4.145	3.958	2.508
	PROFIT AFTER TAX		7.656	6.802	4.704
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	150.089	147.408	68.269
	TOTAL EARNINGS		150.089	147.408	68.269
	TOTAL IMPORTS		9.230	5.665	NA
	Earnings Per Share (Rs.)		38.28	34.00	23.52

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.77	4.27	4.61
Return on Total Assets (PBT/Total Assets}	(%)	9.93	9.12	9.15
Return on Investment (ROI) (PBT/Networth)		0.27	0.29	0.24
Debt Equity Ratio (Total Debt/Networth)		0.23	0.36	0.17
Current Ratio (Current Asset/Current Liability)		1.74	1.63	1.66

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

DETAILS UNSECURED LOAN

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
From Directors	0.950	0.950
From Shareholders	2.224	1.824
Intercorporate Deposits	2.771	5.000
Total	5.945	7.774

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51496MH1995PTC087111
Name of the company	PREM DYECHEM INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India E-Mail Id : bkc.roc@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10277754
Type of charge	Immovable property
Particular of charge holder	Indian Overseas Bank, Gulabi House, Kazi Sayeed Street, Mandvi Branch, Mumbai 400 003, India E-Mail Id : mandvbr@mummsco.iobnet.co.in
Nature of instrument creating charge	Supplemental memorandum of equitable mortgage
Date of instrument Creating the charge	15.05.2012
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Packing Credit - Base Rate+0.75% i.e. 11.50% presently FDDBP/FDUBD - Base Rate+0.75% i.e. 11.50% presently Terms of Repayment On Demand Margin Packing Credit - Margin 15% FDDBP/FDUBD - Margin FDDBP - 10% and FDUBD - 10% Letter of Credit - Margin 15% Letter of Guarantee - Margin Performance - 10% and Financial - 25% Extent and Operation of the charge As per supplemental memorandum of equitable mortgage
Short particulars of the property or asset(s) charged (including complete address and location of the property)	As per supplemental memorandum of equitable mortgage
Particulars of the present modification	Credit Limit increased from Rs.25.200 Millions to Rs.30.000 Millions

FIXED ASSETS

• Land
• Building
• Office Premises
• Plant and Machinery
• Office Equipment
• Electric Installation
• Mobile Phone
• Furniture and Fixtures
• Motor Car Swift
• Laboratory Equipment
• Air Conditioner
• Computer
• Scooter
• Typewriter
• Fax Machine

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.82.56
Euro	1	Rs.70.10

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.